Megacap Tech Drops 2% to 5% as Higher Yields and AI Doubts Hit Nasdaq
Updated
Updated · CNBC · Jun 23
Megacap Tech Drops 2% to 5% as Higher Yields and AI Doubts Hit Nasdaq
3 articles · Updated · CNBC · Jun 23
Summary
Alphabet, Amazon, Meta and Microsoft fell 2% to 5%, dragging the S&P 500 and Nasdaq lower even as broader risk sentiment improved on Iran.
Higher Treasury yields and fresh unease over AI valuations drove the rotation out of megacap growth stocks, reviving comparisons to past tech exuberance.
SpaceX deepened the pressure on sentiment, plunging 16% for a third straight loss and erasing $400 billion in market value in a single session.
Oil slipped further below $80 after Washington waived Iranian oil sanctions for 60 days, a move tied to talks that JD Vance said produced "great progress" on nuclear monitoring.